4.85% 24-Month CD at New Frontier Bank in Colorado

Update 4/10/09: The bank has been closed by regulators. Please refer to this post for more details.

New Frontier Bank is listing a very competitive special 2-year CD. The yield is 4.85% APY with a minimum deposit of $1,000, and a maximum deposit of $95,000. The rate table was last updated on Monday 9/15/08, so hopefully, this special will continue for this week.

A reader in a previous post was told by the bank that an office visit is necessary to open an account. Branches are located in the Colorado cities of Greeley, Windsor and Longmont which are located north of Denver. The bank has been FDIC insured since 1998 (FDIC Certificate # 34881). It has a 3 star rating (adequate) at BauerFinancial based on 6/30/08 data.

Update on its High Yield Reward Checking

New Frontier Bank again lowered the yield on its reward checking account. The yield is now 5.01% APY. When I first reported on this in February, the yield was 6.26%. On the plus side, it has a higher balance cap than most reward checking accounts ($50,000).

Tags: New Frontier Bank, Colorado, CD rates